Pan Gongsheng: New technologies such as blockchain and distributed ledgers drive the booming development of central bank digital currencies and stablecoins

PANews reported on June 18 that Pan Gongsheng, governor of the central bank, said at the 2025 Lujiazui Forum that new technologies are accelerating their application in the field of cross-border payments. New technologies such as blockchain and distributed ledgers have promoted the vigorous development of the central bank's digital currency stablecoin, realizing the payment and settlement of the traditional payment system from the bottom up, greatly shortening the chain of cross-border payments, and at the same time posing huge challenges to financial supervision. Technologies such as smart contracts and decentralized finance will also continue to promote the evolution and development of the cross-border payment system.